API Reports Seventh Straight Inventory Draw

The American Petroleum Institute (API) on Wednesday reported a draw in crude oil inventories of 7.983-million barrels for the week ending July 2. Analysts had expected a fall of 6.2 million barrels, based on a survey by S&P Global Platts. In the previous week, the API reported a draw in oil inventories of 8.153 million barrels after analysts had predicted a draw of 4.686 million barrels. Oil prices are up 40% so far this year, and soared earlier this week on the OPEC+ deadlock between Saudi Arabia and the United Arab Emirates (UAE), but…